Company Announcement: Company Update
As previously announced, African Minerals Exploration and Development Fun, Genorah Resources and Nkwe Platinum Limited are finalizing a transaction whereby Nkwe will be recapitalised. Although final details are still being concluded, the end goal of the transaction will see AMED become a significant shareholder in Genorah and, through that position, enable Genorah to recapitalise Nkwe. While the transaction is still being finalised, it should be noted that a working capital facility of $4.5m has been approved. The facility is secured against Genorah's shareholding in Nkwe and will be provided to Nkwe through the existing intercompany loan arrangements. The facility will provide Nkwe with working capital funding whilst AMED, Genorah and Nkwe finalise the larger strategic partnership transaction. The market and shareholders will be appraised as soon as the final transaction arrangements are concluded.
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